Paragraph 24 Transfer of chargeable interest from a partnership consisting wholly of bodies corporateF1

United Kingdom

(1)

This paragraph applies where—

(a)

there is a transaction to which paragraph 18 applies;

(b)

immediately before the transaction all the partners are bodies corporate;

(c)

the sum of the lower proportions is 75 or more.

(2)

Paragraphs 18, 19 and 23 have effect with these modifications.

(3)

In paragraph 18, for F2sub-paragraphs (2) and (5) substitute—

“(2)
The chargeable consideration for the transaction shall be taken to be equal to the market value of the interest transferred.”.

(F34A)

In paragraph 19(2), for “sub-paragraphs (2A) to (2C)” substitute “ sub-paragraph (2C) ”.

(5)

In paragraph 19, omit sub-paragraphs (2A), (2B), (2D) and (8).

(9)

Paragraph 20 provides for determining the sum of the lower proportions.

Annotations

F1: Sch. 15 Pt. 3 substituted (with effect in accordance with Sch. 41 para. 3 of the amending Act) by Finance Act 2004 (c. 12), Sch. 41 para. 1
F2: Words in Sch. 15 para. 24(3) substituted (with effect in accordance with Sch. 24 para. 11(1)(4) of the amending Act) by Finance Act 2006 (c. 25), Sch. 24 para. 7(1)
F3: Sch. 15 para. 24(4A)(5) substituted for Sch. 15 para. 24(4)-(8) (with effect in accordance with Sch. 24 para. 11(1)(4) of the amending Act) by Finance Act 2006 (c. 25), Sch. 24 para. 7(2)